UK - Nomura tries out new investment model

Under the new model Nomura will seek out investments and warehouse them on its books before asking investors for a commitment. Nomura therefore takes all the early risk and keeps a 25% stake throughout each fund's life, while investors avoid the costly asset-buying period and can do their own research about the assets before buying in.

The fund is also trying out a new compensation structure, which will see the fund managers receiving salaries and earning profits after the fund has wound down and investors have received their dividends.

The European Funds group has raised and closed a EUR 350 mezzanine fund and is currently warehousing investments for a second EUR 400m mezzanine vehicle and a EUR 450m senior debt fund.

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